If you store your tools on a peg board you'll know that keeping track of smaller tools — especially tiny screwdrivers and drill bits — can be a little difficult. Instructables user RangerJ decided to repurpose a speaker's magnet to help organise his screwdrivers and drill bits.
RangerJ's guide uses repurposed speaker magnets, but any larger magnet will work. The magnet is mounted to the peg board with a cheap bracket, and you're done. If you have a lot of smaller tools that you can't easily organise, this might just do the trick.
Really Handy Magnetic Tool Holder [Instructables]